The Indian sub-continent recycling markets have been on a downward spiral for most of this year and this week was no different, reports cash buyer GMS.Offers are retreating across the market rankings
The Indian sub-continent recycling markets have been on a downward spiral for most of this year and this week was no different, reports cash buyer GMS.
Offers are retreating across the market rankings and owners are chasing market levels amidst an economic and global uncertainty that was expected to deliver an influx of recycling tonnage and is yet to be fully seen.
“Indeed, constant geopolitical drama seems to be depriving recycling markets of all types of tonnage amidst rising freight rates as dry bulk, tanker, and even container sectors remain artificially propped up on the back of a depressing cycle of wars, tariffs, tensions and regional traumas.
“A growing shadow of dark fleets is also depriving ship recyclers from their customary supply of tonnage, as sanctions and constantly changing regulations bite, and then force lucrative trade routes out of those unwilling to risk it,” says GMS.
Meanwhile, the imminent inception of the Hong Kong Convention into force in the next 10 days has seen strides made (in terms of upgrades to facilities) as Bangladesh looks to fall in line with the advancements India has made over the last several years, whilst Pakistan lags a healthy way behind the competition.
“As
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